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b. This is a key demonstration of your commitment to the community. It also underscores the role that businesses can play in improving the community, while operating in a long-term and sustainable manner.
6. I am heartened that companies like Musim Mas have proactively taken the lead to help set higher standards and level up the practices across the industry. I hope that this will inspire other players to do the same. The Government also stands ready to work together with the industry and NGOs to encourage the adoption of sustainable practices across various industry players.
Innovating to meet increased consumer demand for greater variety of healthier food products
7. Coming back to this new R&D facility, I understand that Musim Mas hopes to innovate a variety of confectionery and food products.
8. For such new products, meeting the needs of the end consumer is a key success factor. Product innovation must thus remain relevant in the face of ever-evolving needs and preferences of consumers.
a. By 2030, Asia will be home to more than half of the world’s middle-class population.
b. Coupled with increasing life expectancy and a growing awareness of health and wellness, the demand for a greater variety of healthier food products is expected to grow significantly. Companies in the food manufacturing sector must be mindful of these trends and considerations in the next phase of growth.
9. By siting its R&D facility in Singapore, Musim Mas will be well-placed to innovate and develop products to meet the evolving needs and preferences of Asian consumers.
a. Musim Mas will have the opportunity to co-innovate with global and local confectionery companies based in Singapore to develop exciting new products ranging from chocolates to bakery and dairy products.
b. The new facility will also provide Musim Mas with the capability to catalyse new partnerships with local research institutes and institutes of higher learning, such as the Singapore Food Innovation & Resource Centre at Singapore Polytechnic, to conduct joint research on nutrition and consumer preferences, and develop new and healthier food products.
10. All this will not only enhance the robustness of our innovation ecosystem, but also put Musim Mas in a good position to improve the lives of consumers.
Creating value for Singapore and Singaporeans
11. Beyond meeting the needs of consumers, the expansion plans of companies such as Musim Mas in Singapore also provide opportunities for Singaporeans to further their career aspirations. This is complementary to the Government’s efforts in building a strong pipeline of talent through our educational institutes.
a. The opening of Musim Mas’ new R&D facility will bring about a variety of exciting new jobs such as food technologists, specialists and scientists. In this regard, Musim Mas is expected to hire more than 20 technical professionals by the fifth year of its operations.
b. These jobs center on driving innovation to create new products, which will be increasingly valuable to strengthen the competitiveness and growth of companies in today’s innovation-led economy.
c. Meanwhile, I am glad that Musim Mas has also provided the opportunity to your employees to broaden their skillsets. One good example is Ee Hai En, who joined Musim Mas this year with some prior experience in the dairy sector. As a food technologist at the Novel IDEAS Center, she will now have the opportunity to work with the various bakery, confectionery and analytical labs across a wide range of products. I look forward to trying some of these products.
Conclusion
12. In conclusion, let me once again congratulate Musim Mas on the opening of your new Novel IDEAS Center.
a. Your investment in Singapore will put you in good stead to capture further growth opportunities in the region and create more good jobs for our people.
13. Thank you for your strong commitment to the environment and your vote of confidence in Singapore. I wish you every success in the future.
[1] Smallholders refer to farmers owning small plots of land, on which they grow a mixture of subsistence and cash crops, often to support a single family.